WASHINGTON—Executives attending Visa's Oct. 2 Global Security Summit here were told by speakers that increased data security at large retail firms and data processors have forced many thieves move on from seeking big data breaches and compromises. However, the presenters also pointed out that every new app, website, mobile transaction and smart appliance increases opportunities for criminals.
As a result, Ellen Ritchey, Visa's global head of enterprise risk, said the firm has coined the phrase "Responsible Innovation" to describe efforts to balance technological opportunities with security.
"We are standing at a crossroads, a place where plastic is turning into mobile," Ritchey said. "As innovation accelerates the electronification of commerce, security needs to be built in from the start. The payments industry has to embrace responsible innovation and renew its commitment to the principles and standards that have made us so successful to date."
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